According to Cloverpool data, Bitcoin suffered its largest recorded hashrate drop after winter storm Fern severely disrupted U.S. mining operations before a partial recovery ensued.
Bitcoin’s network hashrate dropped from 1.16 ZH/s to 690 EH/s, the steepest decline in the network’s history, before rebounding to 859.17 EH/s, according to Cloverpool. Analysts linked the drop to U.S. winter storm Fern, which reduced Foundry USA’s hashrate by about 60% and caused power outages for over a million residents, forcing multiple mining facilities offline until conditions improved.